Economics

An Economist Walks into a Brothel

An Economist Walks into a Brothel

  • Downloads：4173
  • Type：Epub+TxT+PDF+Mobi
  • Create Date：2021-06-30 06:55:25
  • Update Date：2025-09-06
  • Status：finish
  • Author：Allison Schrager
  • ISBN：0593086724
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Summary

Is it worth swimming in shark-infested waters to surf a 50-foot， career-record wave？

Is it riskier to make an action movie or a horror movie？

Should sex workers forfeit 50 percent of their income for added security or take a chance and keep the extra money？

Most people wouldn't expect an economist to have an answer to these questions--or to other questions of daily life， such as who to date or how early to leave for the airport。 But those people haven't met Allison Schrager， an economist and award-winning journalist who has spent her career examining how people manage risk in their lives and careers。

Whether we realize it or not， we all take risks large and small every day。 Even the most cautious among us cannot opt out--the question is always which risks to take， not whether to take them at all。 What most of us don't know is how to measure those risks and maximize the chances of getting what we want out of life。

In An Economist Walks into a Brothel， Schrager equips readers with five principles for dealing with risk， principles used by some of the world's most interesting risk takers。 For instance， she interviews a professional poker player about how to stay rational when the stakes are high， a paparazzo in Manhattan about how to spot different kinds of risk， horse breeders in Kentucky about how to diversify risk and minimize losses， and a war general who led troops in Iraq about how to prepare for what we don't see coming。

When you start to look at risky decisions through Schrager's new framework， you can increase the upside to any situation and better mitigate the downsides。

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Reviews

Kathy ，

An easy read that explains how to look at risk from different perspectives

Justin Lee ，

唯有確認目標，才有辦法分級風險。我們永遠不可能不冒險，但是若無法評估所冒的險與自己的目標的相關性，所冒的險可能會是毫無意義的。知道目標在哪裡，才有辦法取捨，也才有辦法開始風險管理。關於零風險假設正在考慮是否要換一份工作，但現況的工作老闆及同事待人不錯，職務上面也已經駕輕就熟了，但是假設我們的目標是拿更高的薪水，那麼繼續留在現有的工作將無從實現目標。但若是我們的目標是要保持工作與生活平衡，離職反而是更大的風險，因為或許新的工作環境會面臨許多的挑戰，熟悉工作的政治需要投入更多時間，下班需要花更多的時間進修新技能。零風險因人而異，端看自己個人的目標，是否與自己的價值觀有互相吻合。

Clio Cudoni ，

An easy read that provides unique settings to explain pillar concepts of risk management。 As a newbie venturing through the world of economics and business， I found this a good resource for beginners。

Amanda ，

The concept behind this book is straight forward - take as much risk as you require to achieve the reward and no more。 It’s a concept that I can definitely get behind and I appreciated that Allison Schrager used unusual examples to bring across her point that even as we go for the reward， we should try our best to minimise the risks involved。However， one reason I decided to mark this down was that this book， although interesting， was not very well written。 At some points， I had to re-read sectio The concept behind this book is straight forward - take as much risk as you require to achieve the reward and no more。 It’s a concept that I can definitely get behind and I appreciated that Allison Schrager used unusual examples to bring across her point that even as we go for the reward， we should try our best to minimise the risks involved。However， one reason I decided to mark this down was that this book， although interesting， was not very well written。 At some points， I had to re-read sections to understand what was being said。 There isn’t always very clear links between the explanations and the point she is driving home。 I feel that someone without an economics background might struggle to get through this book。 。。。more

Roman ，

Ничего необычного。 Книга норм， вроде и даже что-то объясняет， но на деле мало чего интересного。 Все кажется немного притянутым за уши。。。

Utkarsh Tyagi ，

A 3。5/5 honestly， but rounded off to 4 for no reason。 The anecdotes about you-won't-have-heard-of-this-guy are great， but the book falls short when it relates then to finance。 The author seemed confused as to who the target audience should be， and speaks to 5 year old and high schooler in the same book。 A 3。5/5 honestly， but rounded off to 4 for no reason。 The anecdotes about you-won't-have-heard-of-this-guy are great， but the book falls short when it relates then to finance。 The author seemed confused as to who the target audience should be， and speaks to 5 year old and high schooler in the same book。 。。。more

Amy C ，

A relatively quick read， I learned a lot about taking risks。 This book helped put some decisions I’ve made into a risk-management context， and helped me feel better prepared to reach my goals。

Khoa ，

Short， many examples and to the point。 A great example of how not to delve too much into irrelevant details。

Justin ，

You never completely know what you will get in an economics book but I definitely didn't think I would get lessons in risk assessment and risk management。 I guess I should have paid more attention to the portion of the title after the colon。 A very entertaining read with great and fun anecdotes to illustrate the ideas on understanding risk and how people in various situations mitigate risk。 You never completely know what you will get in an economics book but I definitely didn't think I would get lessons in risk assessment and risk management。 I guess I should have paid more attention to the portion of the title after the colon。 A very entertaining read with great and fun anecdotes to illustrate the ideas on understanding risk and how people in various situations mitigate risk。 。。。more

Darren ，

Interesting angle and approach。 Some good insights

Ed Hansen ，

I think this is a good introduction to risk， with interesting stories。Most of the concepts I had already learned in business school， so it didn't exactly scratch the intellectual itch I had。 I think this is a good introduction to risk， with interesting stories。Most of the concepts I had already learned in business school， so it didn't exactly scratch the intellectual itch I had。 。。。more

Xavier Shay ，

Really wanted to like it - nice premise - but felt a bit thin/stretched overall。

Tamara Radocaj ，

Awesome parallels drawn between the most unassuming places。 Learned a lot of interesting new things about all the different industries explored。 Good read for anyone—whether you’re involved in the financial space or not。

divanova ，

A great book for people who don’t have much knowledge of finance and financial risk。 The author’s examples were really interesting and even on their own provided a lot of substance and great learning。

John ，

In a similar vein as the Freakonomics books， Schrager takes us through an examination of risk management strategies - and finds them in some of the most interesting places。 In using examples from such varied occupations as paparazzi， rock musicians and big wave surfers she puts an entertaining spin on a subject that many would otherwise find to be bone dry。

Zolbayar ，

АНУ -д биеэ үнэлэлтийг хуулиар хүлээн зөвшөөрсөн цорын ганц муж болох Невадад байх нэгэн эмсийн хүрээлэнгээс энэхүү ном эхэлнэ。 Аль ч хөгжингүй эсвэл бурангуй соёл иргэншлийг сүүдэр мэт дагаж байдаг энэ мэргэшил өөрөө маш их эрсдэлтэй。 Наанадаж бусдын хүчинд автахаас өгсүүлээд өвчин зовлон， үхэл ч биеэ үнэлэгчдийг хүлээж байх нь олонтой。 Тэгвэл тэр бүх эрсдэлээс хамгаалагдсан орчинд орлогынхоо тэн хагасыг тушаагаад ажилладаг хүмүүс Невадад байх аж。 Эрсдэл， орлого， гарз зэрэг ойлголтуудыг санхүүг АНУ -д биеэ үнэлэлтийг хуулиар хүлээн зөвшөөрсөн цорын ганц муж болох Невадад байх нэгэн эмсийн хүрээлэнгээс энэхүү ном эхэлнэ。 Аль ч хөгжингүй эсвэл бурангуй соёл иргэншлийг сүүдэр мэт дагаж байдаг энэ мэргэшил өөрөө маш их эрсдэлтэй。 Наанадаж бусдын хүчинд автахаас өгсүүлээд өвчин зовлон， үхэл ч биеэ үнэлэгчдийг хүлээж байх нь олонтой。 Тэгвэл тэр бүх эрсдэлээс хамгаалагдсан орчинд орлогынхоо тэн хагасыг тушаагаад ажилладаг хүмүүс Невадад байх аж。 Эрсдэл， орлого， гарз зэрэг ойлголтуудыг санхүүгийн хуурай үгсээр биш иймэрхүү өвөрмөц газар， ажил мэргэшлүүдээр дамжуулан ойлгуулахыг хичээжээ。 。。。more

Richard Marney ，

A fun and insightful read。 Never underestimate the simple places where lessons hide！！ 😎

Benjamin Pierce ，

Fun read about risk management strategies， written by an economist and tied back to a number of non-traditional areas such as big wave surfing， horse breeding， and （as the title suggests） the bunny ranch in Nevada。 Nothing earth shattering， but a fun read for sure。

Sebastian Gebski ，

I've read it by total chance （don't ask how it happened， it was just a streak of low probability random events， quit hilarious tbh） and even if it wasn't time wasted （becasue it wasn't）， I've expected something better。What I've got was a promising start （rather interesting examples of unintuitive or rare risk-related issues） that have turned straight into a basic tale about fundamental risk mgmt concepts: utility function， hedging， etc。 I had some new hopes once I've reached the chapter about en I've read it by total chance （don't ask how it happened， it was just a streak of low probability random events， quit hilarious tbh） and even if it wasn't time wasted （becasue it wasn't）， I've expected something better。What I've got was a promising start （rather interesting examples of unintuitive or rare risk-related issues） that have turned straight into a basic tale about fundamental risk mgmt concepts: utility function， hedging， etc。 I had some new hopes once I've reached the chapter about environments where risk estimation is very challenging （like the film-making industry， horse breeding）， but the further the worse。It's not that it's a particularly bad book。 E。g。 I've enjoyed the chapter about paparazzis and the practical differences between systemic and idiosyncratic risks。 But since chpt 9 the book got very repetitive and dull - I've struggled to get through it to the very end。Let's sum up: it's solid， but not something I'd recommend， even as a starting title in risk mgmt topic。 2。75 stars， rounded up to 3。 。。。more

Kevin Demel ，

An interesting book about risk in all areas of our life。 It will make me think about identifying and managing risks in all areas of my life。 Also， it gave some strategies about how we misjudge risks in the actions that we feel certain about。

mossland Jet City ，

Thanks for helping me weigh risk vs adrenaline addiction。

Chris Boutté ，

I’m not smart when it comes to investment and economics， but I know the value of risk management。 I picked up this book because I figured it could teach me lessons about risk management by using other examples， and it did an excellent job。 I also have a better idea of how stocks and investments work as well。

Paul Sand ，

[Imported automatically from my blog。 Some formatting there may not have translated here。] I put this book on my "get at library" list thanks to a Reason podcast interview with the author， Allison Schrager。 And it came in via Interlibrary Loan from Trinity College （the one in Hartford， not Dublin）。 It's a look at a topic I've been interested in for a while， risk。 It mainly centers around financial risk—that's Allison's professional home base—but it occasionally slops over into risks of death or [Imported automatically from my blog。 Some formatting there may not have translated here。] I put this book on my "get at library" list thanks to a Reason podcast interview with the author， Allison Schrager。 And it came in via Interlibrary Loan from Trinity College （the one in Hartford， not Dublin）。 It's a look at a topic I've been interested in for a while， risk。 It mainly centers around financial risk—that's Allison's professional home base—but it occasionally slops over into risks of death or injury as well。 The approach is suitable for a dabbler （like me）， and Allison's writing style is jauntily accessible。 She describes what risk is， why some degree of risk is inevitable， how to maintain a rational attitude toward risk， and the various strategies people use to mitigate or avoid risk: diversification， hedging， insurance， etc。 And （last but not least） the recognition of uncertainty; you can't， nearly by definition， prepare for the unpredictable。 The best you can do is stay flexible and willing to adjust your strategies。 She discusses （but doesn't write down） the Black-Scholes formula for option pricing。 A worked-through example would have been appreciated， but I can see that some readers closing the book， saying "I was told there would be no math。" All that could have been pretty dry， but Allison had the bright idea of illustrating her topics with real-life examples from high-risk fields。 Exemplified by the book's title: she visited a （legal） cathouse in Nevada， and discusses the trade-offs involved in working in that relatively safe environment vs。 freelancing in other situations。 Further chapters visit horse breeders， magicians， professional poker players， movie financiers， and more。 （The chapter on horse breeding is actually more explicit than the one with the brothel。） Good book。 。。。more

Jeffrey ，

I honestly found this book more interesting and useful than I expected - having expected this to be a series of Planet Money style anecdotes which were mildly entertaining， Schrager has actually achieved much more。 Yes there is the anecdote involving a brothel proprietor and prostitute that the title alludes to， but Schrager also succeeds in making economic and finance jargon relateable and （I dare say） useful to the reader。 Along the way， there are also some great interviews with really interes I honestly found this book more interesting and useful than I expected - having expected this to be a series of Planet Money style anecdotes which were mildly entertaining， Schrager has actually achieved much more。 Yes there is the anecdote involving a brothel proprietor and prostitute that the title alludes to， but Schrager also succeeds in making economic and finance jargon relateable and （I dare say） useful to the reader。 Along the way， there are also some great interviews with really interesting people such as poker pro Phil Hellmuth and surfer Greg Long who really help to illustrate the principles Schrager is espousing （although perhaps the so called risk management espoused by the Arnold Donald （CEO of Carnival Cruises） hasn't aged so well in the post-Covid world）。No reading this won't give you a solid understanding of economics， Black-Scholes and other concepts she brings up - in fact if you are well-versed in them you probably will learn not much， but it is enjoyable to see applications of them in the real world。 As Schrager stresses: "Articulating your goal and putting a risk-free price on it are the first steps of good risk taking。" That is probably a step we all gloss over when we are starting our decision making process， with some cases of how to do it in the real world a useful refresher on the need to do so。 Its from there we can properly apply the other key lesson Schrager is attempting to teach: "We tend to think of taking a risk as a binary choice: either we take a risk or we don’t。 But smart risk taking involves going for more， and taking just enough risk that we need to， or are comfortable with， to achieve our goal。" Overall， An Economist Walks into a Brothel is an accessible guide to improving our decision making process - well-recommended。 。。。more

Jordan ，

For a book about "understanding the science behind risk"， Schrager spends surprisingly little time talking about "how to define risk， how to measure it， how to identify the type of risk we face， and how to manage it。" Instead we're left with interesting anecdotes and a rushed discussions of the theory that ultimately offers nothing new to those with even a passing familiarity of probability and behavioural economics。 For a book about "understanding the science behind risk"， Schrager spends surprisingly little time talking about "how to define risk， how to measure it， how to identify the type of risk we face， and how to manage it。" Instead we're left with interesting anecdotes and a rushed discussions of the theory that ultimately offers nothing new to those with even a passing familiarity of probability and behavioural economics。 。。。more

Jennifer Baudy ，

Interesting read！The was a unique presentation of risk management anchored in a finance principles。 The author provided a variety of unconventional examples to highlight lessons for the reader that made the text quite engaging。 It's definitely worth a read。 Interesting read！The was a unique presentation of risk management anchored in a finance principles。 The author provided a variety of unconventional examples to highlight lessons for the reader that made the text quite engaging。 It's definitely worth a read。 。。。more

Ifeoma ，

Good read。 I highly recommend。

arkadi cloud ，

https://blog。arkadi。one/an-economist-。。。 https://blog。arkadi。one/an-economist-。。。 。。。more

Clarissa Anjani ，

Really interesting way of thinking for decision making from simple everyday decisions to more macroeconomic scales

Tom Ives ，

Nice title。 Finds its way after a few chapters of trying to be a bit too quirky。

Reference

google book https://www.google.com/search?tbm=bks&q=An Economist Walks into a Brothel

hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=An Economist Walks into a Brothel&field1=ocr&a=srchls&ft=ft&lmt=ft

The British Library https://bll01.primo.exlibrisgroup.com/discovery/search?query=any,contains,An Economist Walks into a Brothel&tab=LibraryCatalog&search_scope=Not_BL_Suppress&vid=44BL_INST:BLL01&lang=en&offset=0